After five consecutive days of losses, stock market in India registered their first gains of the new year as the benchmark indices barely managed to close in the positive terrain on Wednesday. The pharma, auto, metals and the oil and gas stocks were in demand. On the other hand, capital goods, consumer durables and select power stocks were among the top losers.
The Mid-Cap and the Small-Cap index once again the outperformed the benchmark indices.
Amar Ambani, Head of Research at IIFL said, “The rally in mid and small sized PSU Banks is driven by expectations of moderation in asset quality stress in ensuing quarters. Having rallied significantly from their August lows, some of the recent price gains could reverse if Q3 FY14 results do not affirm the same.”
Finally, BSE Sensex closed at 20,729 up 36 points, while NSE Nifty closed at 6,175 up 12 points over the previous close.
The Mid-Cap and the Small-Cap index once again the outperformed the benchmark indices.
Amar Ambani, Head of Research at IIFL said, “The rally in mid and small sized PSU Banks is driven by expectations of moderation in asset quality stress in ensuing quarters. Having rallied significantly from their August lows, some of the recent price gains could reverse if Q3 FY14 results do not affirm the same.”
Finally, BSE Sensex closed at 20,729 up 36 points, while NSE Nifty closed at 6,175 up 12 points over the previous close.
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